HomeMy WebLinkAbout750546.tiff '!
RESOLUTION
WHEREAS, it is the desire of the Board of County Commissioners,
Weld County, Colorado, to lease purchase from the FIRST MUNICIPAL
LEASING CORPORATION, 7801 East Belleview, Suite 20, Englewood,
Colorado, 80110, a District of Columbia corporation, the following equip-
ment:
1 - New KOEHRING Backhoe, Model 1066C
2Z yard, Serial No. C16183, as recited
in Exhibit A attached hereto and made a
part hereof by reference,
including all attachments, as per lease purchase and option agreement
attached hereto and made a part hereof by reference, for a total purchase
price of One Hundred Thirty Two Thousand and Fifty-six Dollars ($132, 056. 00),
and in accordance with said lease purchase payment plan as evidenced in
Exhibit B attached hereto and made a part hereof by reference, and
WHEREAS, the County of Weld has been given the option to purchase
said equipment with all rental payments to be applied to the purchase price
as contained in the aforementioned lease purchase agreement and as shown
on Exhibit B heretofore mentioned.
NOW, THEREFORE, BE IT RESOLVED, that the County of Weld,
State of Colorado, agrees to lease purchase from the FIRST MUNICIPAL
LEASING CORPORATION, 7801 East Belleview, Suite 20, Englewood, Colo-
rado, 80110, the above-mentioned equipment, with all attachment, all as
hereinabove recited.
Dated this 22nd day of January, A.D., 1975.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Aea—
ATTEST66—z ..S ' 1C
Weld'County Clerk and Recorder A 0.7/// 75
and Clerk to the Board „? le
e ty County Clerk
AP ROVED S TO 1�?RM:
-41
ount Attor ey
2,7-/R 7505 6
•
LEASE AND OPTION AGREEMENT
THIS LEASE AND OPTION AGREEMENT, hereinafter referred to as
"Agreement, " by and between First Municipal Leasing Corporation, 7801 E.
Belleview, Suite 20, Englewood, Colorado, 80110, a District of Columbia
corporation, hereinafter referred to as "Lessor, " and WELD COUNTY;
9th Street $ 9th Avenue; Greeley, Colorado 80631
, hereinafter referred to as "Lessee, "
WITNESSETH:
1 . Lease. Lessor hereby rents and leases to Lessee and Lessee hereby
rents and leases from Lessor the property described in Exhibit A attached hereto
and made a part hereof (the "Property") for the term of one year. The rents
shall be paid in the amounts set forth in Exhibit B, Rent and Stipulated Value,
attached hereto and made a part hereof. Unless this lease is renewed by Lessee
for additional one-year terms upon written notice to Lessor given not less than
ten days prior to the end of the term, the Lessee agrees to pay the Lessor the
amount, if any, between the then stipulated value as set forth in Exhibit B,
less the proceeds received by the Lessor from the sale of the leased property,
after deducting reasonable expenses of the sale thereof.
2 . Taxes. Lessee agrees to pay, and to indemnify and hold lessor harm-
less from, all license, sales, use, personal property or other taxes together
with any penalties, fines or interest thereon imposed against Lessor with respect
to the Property, except any federal or state income taxes payable by Lessor.
Lessee may in good faith and by appropriate proceedings contest any such taxes
so long as such proceedings do not involve any danger of sale, forfeiture or loss
of the Property or any interest therein.
3. Utility Charges. Lessee shall pay all charges for gas, water, steam,
electricity, light, heat or power, telephone or other utility service furnished to
or used on or with the Property (including charges for installation of such services)
during the term of this lease and any renewal terms. There shall be no abatement
of rent on account of the interruption of any such services.
4. Use, Licenses. Lessee will not install, use, operate or maintain the
Property improperly, carelessly, in violation of any applicable law or in a
manner contrary to that contemplated by this agreement. Lessee shall provide
all permits and licenses, if any, necessary for the installation and operation
of the Property.
5. Maintenance. At its own expense Lessee shall service, repair and
maintain the Property so as to keep the Property in as good condition, repair,
appearance and working order as when delivered to Lessee hereunder, ordinary
wear and tear excepted, and shall replace any and all parts and devices which may
from time to time become worn out, lost, stolen, destroyed, damaged beyond
repair or rendered unfit for use for any reason whatsoever. All such replace-
ment parts, mechanisms and devices shall be free and clear of all liens, encum-
brances and rights of others, shall become the property of Lessor and shall be
covered by this lease to the same extent as the Property originally covered by
this lease.
6. Alterations. (a) Lessee may install such miscellaneous equipment as
may be necessary to use the Property for its intended purposes. All such equip-
ment placed or installed on the Property may be removed by Lessee upon termina-
tion provided that removal will not substantially damage the property.
(b) Without the prior written consent of Lessor, Lessee shall not make
any other alterations, changes, modifications, additions or improvements to the
Property except those needed to comply with Lessee's obligation under Paragraph
five (5) and those permitted by Subparagraph 6(a). Any alterations, changes,
modifications, additions and improvements made to the Property shall immediately
become the property of Lessor.
7 . Liens. Lessee shall not directly or indirectly create, incur, assume
or suffer to exist any mortgage, pledge, lien, charge, encumbrance or claim on
or with respect to the Property except the respective rights of Lessor and Lessee
as herein provided. Lessee shall promptly, at its own expense, take such action
as may be necessary to duly discharge any such mortgage, pledge, lien, charge,
encumbrance or claim not excepted above if the same shall arise at any time.
8. Damage to or Destruction of Property. In the event all or any part of
the Property is lost, stolen, destroyed or damaged beyond repair, Lessee shall
replace the same at Lessee's sole cost and expense within 30 days after such event
and such replacement shall be substituted in this lease by appropriate endorsement.
If Lessee fails or refuses to replace such Property within the required period,
Lessor may at its option declare the portion of "Stipulated Value" set forth herein,
attributable to such Property due and payable. Upon such payment this lease shall
terminate with respect to such Property so paid for and Lessee thereupon shall
become entitled to such Property as-is-where-is without warranty, express or
implied, with respect to any matter whatsoever except that such Property shall
not be subject to any lien or encumbrance created by or arising through Lessor.
All insurance proceeds received by Lessor under the policies required under
Paragraph 9 hereof with respect to the Property lost, stolen, destroyed or dam-
aged beyond repair shall be paid to Lessee if such Property is replaced by Lessee
as required hereunder, or, if Lessee fails or refuses to make the required re-
placement, shall be credited against the amount of the "Stipulated Value" payable
by Lessee.
•
9. Insurance. At its own expense, Lessee shall cause casualty
insurance to be carried and maintained on the Property and shall carry public
liability and property damage insurance, with all such coverage to be in such
amounts against such risks, in such form and with such insurers as Lessor
may specify from time to time. All insurance policies shall name both Lessor
and Lessee as insureds. Insurance proceeds from casualty losses to the extent
of the "Stipulated Value" of the respective Property shall be payable solely to
Lessor. Lessee shall deliver to Lessor evidence of insurance satisfactory
to Lessor, together with receipt for the initial premiums before the property is
delivered to Lessee. Renewal policies, together with receipts showing payment
of the applicable premiums, shall be delivered to Lessor at least 30 days before
expiration of the policies being renewed. By endorsement upon the policy or by
an independent instrument furnished to Lessor, each insurer shall agree that it
will give lessor at least 30 days' written notice prior to cancellation or altera-
tion of the policy. Lessee shall also carry workmen's compensation insurance
covering all its employees working on, in or about the Property and shall require
any other person or entity working on, in or about the Property to carry such
coverage, and will furnish to Lessor certificates evidencing such coverage
throughout the term of this lease.
10. Indemnification. Lessee shall indemnify, protect, save and keep
harmless Lessor from and against any and all liability, obligations, losses,
damages, penalties, claims, actions, costs and expenses (including attorneys'
fees) of whatsoever kind and nature imposed on, incurred by or asserted
against Lessor which in any way relate to or arise out of ownership, delivery,
lease, possession, use, operation, conditions, sale or other disposition of
the Property.
11 . Representations and Warranties. (a) Lessor hereby assigns to Lessee
for and during the term of this lease all manufacturer warranties and guarantees,
expressed or implied, issued on or applicable to the Property and Lessor
authorizes Lessee to obtain the customary services furnished in connection
with such warranties and guarantees at Lessee's expense. Lessee acknowledges
that the Property has been purchased by Lessor in accordance with Lessee's
specifications and from vendors selected by Lessee, that Lessor is not a manu-
facturer of or a dealer in such Property, that Lessor has made no representation
or warranty and assumes no obligation with respect to the merchantability con-
dition, quality or fitness of the Property or the enforcement of the manufacturer's
warranties and guarantees.
(b) Lessee represents and warrants that it has power to enter into this
lease agreement, that all required procedures for execution of this lease agree-
ment, including competitive bidding if applicable, have been complied with,
and that all rentals will be paid out of funds which are legally available for such
purposes.
12. Option to Purchase. When the total stipulated value is paid, title
to the property will be transferred to the Lessee. Lessee may purchase the
Property at the end of the initial or any renewal term for the "Stipulated Value"
set forth above. Such option shall be exercisable by written notice to Lessor not
less than 30 days prior to the end of the current lease term. The closing shall
, .-
be within 10 days of the end of the lease term at the offices of Lessor, at which
time Lessor shall deliver to Lessee a bill of sale transferring the Property to
Lessee free from any lien or encumbrance created by or arising through Lessor,
but without other warranties, and shall deliver all warranties and guarantees
of the builders and manufacturers of the Property.
13. Lessee's Inspection. Unless Lessee within five business days after
delivery of the Property gives written notice to Lessor, specifying any defect
in or other proper objection to the Property, it shall be conclusively presumed
that Lessee is satisfied with and has accepted the Property as being in good con-
dition and repair.
14. Default. If either, Lessee fails to pay rent or any other amount
herein provided when due and payable, or, if Lessee fails to perform promptly
any of the other obligations or covenants herein and such default continues for
a period of 30 days after Lessor gives Lessee written notice of such default,
then in any such event Lessor may pursue one or more of the following remedies
(which shall be cumulative and exercisable concurrently or separately) as
Lessor in its sole discretion may elect:
(a) Terminate this lease and repossess the Property leased hereunder, in
which event the rent for the remainder of the current term (whether the initial
term or a renewal term) or any other charge provided for herein which is un-
paid shall become immediately due and payable.
(b) Sell the Property or any portion thereof at public or private sale
without demand or notice of intention. If the proceeds from such sale and the
costs of repossession and sale exceed the Stipulated Value as of the time of de-
fault, the excess proceeds from such sale shall be payable to Lessee. If the Stipu-
lated Value and the cost of and repossession of such sale at such time exceeds the
proceeds from such sale, Lessee shall be liable for the deficiency.
(c) Any remedy available at law or in equity, with respect to all such reme-
d ies, Lessee hereby expressly waives any damages occasioned by the repossession
and if any Property has been destroyed or damaged beyond repair, Lessee shall
pay the "Stipulated Value" (less the credit for insurance proceeds) to Lessor.
15. Termination. Upon the expiration of this lease, or the earlier termin-
ation thereof, Lessee shall return the Property to Lessor in the condition, repair,
appearance and working order required in paragraph 5 hereof (unless Lessee has
paid Lessor the "Stipulated Value" for such Property), in the following manner
as may be specified by Lessor:
(a) By delivering the Property at Lessee's cost and expense to such place
as Lessor shall specify within the Lessee's state; or (b) by loading such portions
of the Property as are considered movable at Lessee's cost and expense, on board
such carrier as Lessor shall specify and shipping the same, freight prepaid, to
the destination designated by Lessor.
If Lessee refuses to return the Property in the manner designated,
Lessor may repossess such Property and charge to Lessee the costs of such
repossession or pursue any remedy described in paragraph 14 above.
16. Assignment and Sublease. Without the prior written consent of
Lessor, Lessee shall not (a) assign, transfer, pledge or hypothecate this
lease, the Property, or any part thereof, or any interest therein; or (b) sublet
the Property or any part thereof, or permit the Property to be used for any
purposes not permitted by paragraph 4.
17 . Personal Property. The Property is and shall at all times be and
remain personal property notwithstanding that the Property or any part thereof
may now be or hereafter become in any manner affixed or attached to or
embedded in or permanently rested upon real property or any building thereon
or attached in any manner to what is permanent by any means of cement, plaster,
nails, bolts, screws or otherwise.
18. Lessor's Right to Perform for Lessee. If Lessee fails to make any
payment or fails to perform or comply with any of its covenants or obligations,
Lessor may at its election, make such payment or perform or comply with
such covenants and obligations and the amount of such payment and the ex-
penses incurred by Lessor in performing or complying with such covenants
and obligations, as the case may be, together with interest thereon at the
rate of 10 percent per annum, shall be deemed additional rent payable by
Lessee upon demand.
19. Interest. If lessee fails to pay any part of the rent herein reserved
within 10 days after the due date thereof, Lessee shall pay to Lessor interest
on such delinquent payment from the due date until paid at the rate of 12 percent
per annum.
20. Notices. All notices to be given under this lease shall be made in
writing and mailed to the other party at its address set forth herein or at such
address as the party may provide in writing from time to time. Any such notice
shall be deemed to have been received 48 hours after mailing.
21 . Miscellaneous. (a) At all reasonable times, Lessor or its author-
ized representative may inspect the Property and the books and records of
Lessee with respect thereto: (b) Lessee may not offset any amount due it by
Lessor against any rent or other payments due hereunder; (c) no covenant or
obligation to be performed by Lessee may be waived except by the written
consent of Lessor; (d) This agreement shall be construed and governed in
accordance with the laws of the Lessee's state; (e) This agreement constitutes the
entire agreement between the parties and this lease shall not be modified, amended,
altered or changed except by a written document signed by both parties; (f) Any
provision of this agreement found to be prohibited by law shall be ineffective
to the extent of such prohibition without invalidating the remainder of this agree-
ment; (g) Subject to the provision of,paragraph 10, this lease shall be binding
upon and inure to the benefit of the parties and their respective successors and
assigns.
FIRST MUNICIPAL LEASING CORP.
LI STI NG OF EQUIPMENT
z. Exhibit
THE LESSEE IS: WELD COUNTY, COLORADO
One (1) Koehring backhoe, Model 1066C, 21 yard, serial number
C-16183.
Hello